US Plains HRW Wheat-Basis bids steady to higher in quiet trade

CHICAGO, Dec 9 (Reuters) - Spot basis bids for hard red winter wheat were steady to higher in muted trade on Tuesday as merchandisers rolled their contracts from the December contract KWZ25 to the March contract KWH26.

• Movement was slow in the U.S. Plains, dealers reported.

• Traders are positioning ahead of the U.S. Department of Agriculture's monthly supply and demand report. Market players are expecting the USDA to raise export estimates for wheat.

• Roughly one-third of the dormant wheat crop in the U.S. Plains is lacking adequate moisture, an analyst note said.

• K.C. March hard red winter wheat KWH26 futures last traded 1-1/4 cents lower at $5.25-1/4 per bushel.

Basis values are quoted against futures in cts/bu:

NOTES:

H = March, K = May, N = July, U = September

Z = December; UNQ = Unquoted bids

0 = Sp Option price; NC = No comparison

= No. 1 12% hard winter wheat, rail bids

= Ordinary protein, rail bids

LINKS:

K.C. HRW wheat protein scales KCBT/SCA

U.S. weekly wheat crop progress US/WHE

U.S. forward basis WHEAT/BASIS

U.S. Midwest cash grain PM GRA/PM

U.S. FOB Gulf Grain GRA/F